Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.2B | $2.5B | $2.4B | $2.4B | $2.3B | $2.5B |
| YoY | — | — | — | — | +0.5% | +3.0% | +2.9% | -0.2% |
| Cost of goods sold | $701.0M | $707.0M | $618.0M | $664.0M | $683.0M | $712.0M | $641.0M | $673.0M |
| YoY | — | — | — | — | -2.6% | +0.7% | +3.7% | +1.4% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $565.0M | $625.0M | $574.0M | $614.0M | $579.0M | $619.0M | $588.0M | $592.0M |
| YoY | — | — | — | — | +2.5% | -1.0% | +2.4% | -3.6% |
| Operating income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Pretax income | $874.0M | $732.0M | $773.0M | $912.0M | $887.0M | $761.0M | $758.0M | $866.0M |
| YoY | — | — | — | — | +1.5% | +4.0% | -1.9% | -5.0% |
| Income tax | $182.0M | $151.0M | $171.0M | $186.0M | $166.0M | $158.0M | $157.0M | $175.0M |
| YoY | — | — | — | — | -8.8% | +4.6% | -8.2% | -5.9% |
| Net income | $682.0M | $581.0M | $602.0M | $726.0M | $721.0M | $603.0M | $601.0M | $691.0M |
| YoY | — | — | — | — | +5.7% | +3.8% | -0.2% | -4.8% |
| EPS — basic | $1.51 | — | $1.34 | $1.63 | $1.63 | — | $1.42 | $1.65 |
| YoY | — | — | — | — | +7.9% | — | +6.0% | +1.2% |
| EPS — diluted | $1.50 | — | $1.34 | $1.63 | $1.63 | — | $1.42 | $1.65 |
| YoY | — | — | — | — | +8.7% | — | +6.0% | +1.2% |
| Weighted shares — basic | 452.9M | — | 447.6M | 445.1M | 442.9M | — | 422.1M | 417.6M |
| Weighted shares — diluted | 453.5M | — | 448.0M | 445.5M | 443.2M | — | 422.4M | 417.7M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $2.0B | $1.7B | $1.4B | $2.1B | $2.5B | $1.9B | $1.5B |
| YoY | — | — | — | — | +21.6% | +23.3% | +12.8% | +2.9% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.4B | $1.3B | $1.4B | $1.5B | $1.5B | $1.4B | $1.5B | $1.6B |
| YoY | — | — | — | — | +9.2% | +7.1% | +10.7% | +2.0% |
| Inventory | $2.4B | $2.3B | $2.4B | $2.4B | $2.5B | $2.5B | $2.5B | $2.6B |
| YoY | — | — | — | — | +2.0% | +6.9% | +7.8% | +5.5% |
| Total current assets | $6.3B | $6.0B | $5.9B | $5.9B | $6.6B | $6.8B | $6.5B | $6.4B |
| YoY | — | — | — | — | +4.8% | +13.1% | +10.2% | +7.3% |
| Total assets | $14.4B | $14.2B | $14.1B | $14.5B | $15.2B | $15.5B | $15.2B | $15.1B |
| YoY | — | — | — | — | +5.6% | +8.8% | +7.5% | +4.1% |
| Total current liabilities | $1.7B | $3.4B | $3.4B | $3.4B | $1.8B | $2.2B | $2.1B | $2.1B |
| YoY | — | — | — | — | +6.2% | -36.3% | -39.4% | -38.8% |
| Total liabilities | $9.1B | $9.5B | $9.4B | $9.5B | $9.8B | $12.1B | $11.9B | $11.9B |
| YoY | — | — | — | — | +7.0% | +27.5% | +26.2% | +25.5% |
| Total equity | $5.2B | $4.8B | $4.7B | $5.0B | $5.4B | $3.4B | $3.2B | $3.1B |
| YoY | — | — | — | — | +3.1% | -28.4% | -30.5% | -36.7% |
| Shares outstanding | 451.5M | 448.5M | 446.0M | 443.9M | 441.5M | 424.9M | 420.3M | 414.2M |
| YoY | — | — | — | — | -2.2% | -5.3% | -5.8% | -6.7% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $951.0M | $905.0M | $515.0M | $605.0M | $891.0M | $893.0M | $401.0M | $655.0M |
| YoY | — | — | — | — | -6.3% | -1.3% | -22.1% | +8.3% |
| Capital expenditures | $167.0M | $216.0M | $178.0M | $146.0M | $136.0M | $161.0M | $110.0M | $117.0M |
| YoY | — | — | — | — | -18.6% | -25.5% | -38.2% | -19.9% |
| Free cash flow | $784.0M | $689.0M | $337.0M | $459.0M | $755.0M | $732.0M | $291.0M | $538.0M |
| YoY | — | — | — | — | -3.7% | +6.2% | -13.6% | +17.2% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $433.0M | $553.0M | $443.0M | $338.0M | $394.0M | — | $606.0M | $584.0M |
| YoY | — | — | — | — | -9.0% | — | +36.8% | +72.8% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — |
| Net margin | 28.6% | 25.1% | 27.4% | 29.3% | 30.0% | 25.3% | 26.6% | 28.0% |
| Free cash flow margin | 32.8% | 29.7% | 15.3% | 18.6% | 31.5% | 30.7% | 12.9% | 21.8% |
| Effective tax rate | 20.8% | 20.6% | 22.1% | 20.4% | 18.7% | 20.8% | 20.7% | 20.2% |
| Current ratio | 3.69x | 1.75x | 1.74x | 1.76x | 3.64x | 3.12x | 3.15x | 3.08x |
| Total liabilities / equity | 1.74x | 1.98x | 2.03x | 1.91x | 1.81x | 3.54x | 3.69x | 3.79x |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| ZTS FY25 · this stock | $9.5B | +2.3% | — | — | 28.2% | 24.1% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.